JPMorgan analyst C. Stephen Tusa says this morning’s Q3 results from General Electric reinforce his view that while the “reset” of expectations is happening, a scenario of “lower for longer” looks increasingly more realistic. The analyst keeps an Underweight rating on the shares with a $20 price target. Management is “fighting to salvage value, not a simple restructuring,” Tusa tells investors in a post-earnings research note. “The bottom line is that there are more questions than answers here,” the analyst adds. He does not see how a “material dividend cut cannot be in the cards,” with 65c in GAAP Industrial earnings and essentially no ongoing free cash flow at Industrial this year. General Electric shares in premarket trading are down 6% to $22.07.